The Bank of Ghana has officially released a revised list of Primary Dealers and Bond Market Specialists as part of efforts to strengthen the country’s domestic debt market and improve participation in government securities trading.
In a statement issued by the central bank, the updated list reflects a renewed commitment to enhancing efficiency, transparency, and liquidity within Ghana’s bond market. The move is also aimed at aligning market operations with international best practices while supporting the government’s broader fiscal and monetary policy objectives.
According to the Bank of Ghana, the selected institutions will serve as Primary Dealers, tasked with participating directly in the issuance of government securities. These institutions are expected to underwrite and distribute treasury bills and bonds, ensuring that government borrowing needs are met in a timely and cost-effective manner.
In addition, some institutions have been designated as Bond Market Specialists, with a specific mandate to support secondary market trading. Their role will involve providing continuous bid and offer prices, thereby enhancing liquidity and deepening the domestic bond market.
The central bank noted that the revised list was determined based on stringent criteria, including financial capacity, market activity, compliance with regulatory requirements, and overall performance in previous market operations. Institutions that met these benchmarks were retained or newly added, while others were dropped due to underperformance or failure to meet updated standards.
The Bank of Ghana emphasized that the revised framework is expected to promote greater competition among market participants and improve pricing efficiency in the government securities market. It also forms part of broader reforms aimed at restoring investor confidence following recent challenges in the domestic debt space.
Market analysts have welcomed the move, noting that a well-functioning primary dealer system is critical for effective monetary policy transmission and the development of a robust financial market.
The central bank reaffirmed its commitment to continuous monitoring and periodic review of the performance of Primary Dealers and Bond Market Specialists to ensure compliance with established guidelines and to sustain improvements in the market.
The announcement takes immediate effect, with all designated institutions expected to operate within the updated framework moving forward.
